Damac Properties has won a $120 million bid to acquire a 1.8-acre land in the Miami neighbourhood of Surfside, which will become the company's first project in the US.

The Dubai-based company plans to launch an ultra-luxurious, CAVALLI branded condominium project, according to a recent press release.

Located on Collins Avenue, the property provided residents with 200 feet of direct beach frontage and access to South Beach and Bal Harbour.

The Chairman and Founder of Damac, Hussain Sajwani, said: "Damac Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our Company, which has an established reputation for its branded luxury offerings."

Meanwhile, Sajwani added: "We are rapidly growing, not only in our real estate endeavours but in various sectors such as fashion, hospitality and even emerging industries such as the Metaverse, NFTs and data centres. This enables us to stay ahead of the curve."

Source: Mubasher

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